Capital Group Board Elects Tim Armour as Chairman

LOS ANGELES, July 28, 2015 /PRNewswire/ -- The Board of Directors of Capital Group, the home of American Funds and one of the world's leading investment management firms, today announced the election of Tim Armour as Chairman of Capital Group. Tim is currently Chairman of Capital Group's management committee and Capital Research and Management Company.

Tim, together with the other senior members of the firm's management committee — Rob Lovelace, President, Capital Research and Management Company, and Phil de Toledo, President, Capital Group — will continue to work with the other members of the committee to set, communicate and implement Capital's overall business strategies, as well as oversee operations. The change reflects a leadership succession plan that has been in motion for several years, and was formalized after the passing of former Chairman, Jim Rothenberg.

Tim said, "All of us here at Capital deeply mourn the loss of our friend and colleague, Jim. He was a purposeful leader, who possessed a talent for taking decisive action in the best long-term interests of our clients, investors and associates."

"Throughout its history, the true strength of Capital Group lies not in an individual but in the collective talents of all our associates who are aligned behind our mission to deliver superior, long-term investment results to our investors and clients. Our management committee and our 7,600 associates look forward to continuing our 84-year legacy of delivering on our commitments to investors and the advisors who serve them."

BIOS BELOW

Timothy D. Armour is chairman of Capital Group Companies, chairman and principal executive officer of Capital Research and Management Company, Inc., part of Capital Group, and chairman of the Capital Group Companies Management Committee. He is also an equity portfolio manager. Tim has 32 years of investment experience, all with Capital Group. Earlier in his career, as an equity investment analyst at Capital, he covered global telecommunications and U.S. service companies. Tim began his career at Capital as a participant in The Associates Program. He holds a bachelor's degree in economics from Middlebury College. Tim is based in Los Angeles.

Robert W. Lovelace is president of Capital Research and Management Company, Inc., part of Capital Group, and serves on the Capital Group Companies Management Committee. He is also an equity portfolio manager. Rob has 29 years of investment experience, all with Capital Group. Earlier in his career, Rob was an equity investment analyst at Capital covering global mining & metals companies and companies domiciled in Mexico and the Philippines. He holds a bachelor's degree in mineral economics (geology) from Princeton University graduating summa cum laude and Phi Beta Kappa. He also holds the Chartered Financial Analyst^® designation. Rob is based in Los Angeles.

Philip de Toledo is president of the Capital Group Companies, Inc. He also serves on the Capital Group Companies Management Committee. He has 28 years of investment industry experience, all with Capital Group. Earlier in his career at Capital, Phil was the principal financial officer. Prior to joining Capital, he was a tax manager with Deloitte Haskins & Sells. He holds a bachelor's degree in economics from the University of California, Los Angeles, graduating summa cum laude. Phil is based in Los Angeles.

Contact: Tom Joyce, Media Relations, (213) 615-0514

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SOURCE Capital Group Companies